Singapore legislation
Clause 12
Clause 12
Amendment of section 20
Section 20 of the Moneylenders Act is amended by deleting subsection (2) and substituting the following subsections:“(2) A licensee shall be guilty of an offence if the licensee —
knowingly or recklessly makes or causes to be made any note of a contract for a loan in which the principal, the rate of interest or late interest or any permitted fee payable, is not truly stated; or
makes or causes to be made any note of a contract for a loan in which the principal, the rate of interest or late interest or any permitted fee payable, is not stated.(2A) A licensee who is guilty of an offence under subsection (2) shall be liable on conviction —
to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both; or
if the licensee is a repeat offender, to a fine not exceeding $40,000 or to imprisonment for a term not exceeding 12 months or to both.(2B) In subsection (2A), a licensee is a repeat offender if the licensee has been convicted on at least one other earlier occasion of —
an offence under subsection (2A) for contravening subsection (2); or
an offence under subsection (2) as in force immediately before the date of commencement of section 12 of the Moneylenders (Amendment) Act 2018, whether the conviction was before, on or after that date.”.